RSVM Hospitality has successfully acquired more than 18.6 acres of land in Thane for over Rs 498 crore from entities associated with the Neterwala Group, signifying a significant land transaction within the Mumbai Metropolitan Region.
The land parcels, situated at Majiwada in the Thane district, were obtained through two distinct registered transactions on February 20. In the initial transaction, Chemicals and Ferro Alloys Pvt Ltd sold an 8.1-acre plot to RSVM Hospitality for Rs 239.9 crore.
The subsequent transaction involved the acquisition of 10.1 acres of land from Uni Abex Alloy Products Ltd, a publicly listed company, for Rs 257.8 crore, as per property registration documents obtained from Propstack. Both sellers are affiliated with the Neterwala Group. Chemicals and Ferro Alloys Pvt Ltd, a private entity within the group, is also a shareholder in Uni Abex Alloy Products, holding approximately a 21.85% stake in the publicly listed company.
Thane has become one of the most dynamic real estate markets in the Mumbai Metropolitan Region, propelled by enhanced connectivity, infrastructure improvements, and increasing residential demand. Areas such as Majiwada have experienced heightened interest from developers due to their closeness to major arterial roads and established residential micro-markets.
Significant land transactions have been on the rise throughout the Mumbai Metropolitan Region as developers and investors seek to acquire substantial parcels for future projects in light of the limited land availability in Mumbai.
Peripheral markets like Thane have garnered increased attention due to the availability of relatively larger contiguous land parcels, improving infrastructure, and robust end-user demand. Industry experts indicate that such acquisitions often precede residential or mixed-use developments, as developers establish land banks to take advantage of the region’s ongoing housing demand and connectivity enhancements.
